December 20, 2016 / 3:56 PM / 8 months ago

BRIEF-OTMT divests MENA Submarine Cable to unit of Bharti Airtel

Dec 20 (Reuters) - Orascom Telecom Media And Technology Holding SAE :

* Announces sale of unit Middle East and North Africa Submarine Cable

* Executes sale of unit Middle East and North Africa Co Submarine Cable Systems with Network i2i, a unit of Bharti Airtel

* Board approves sale of unit Middle East and North Africa Co Submarine Cable Systems being 2.8 million nominal shares for US$90 million

* Aims to conclude sale of its unit Middle East and North Africa Submarine Cable by end of Q1 2017

* Intends to utilize proceeds of sale in operations of financial, the real estate and the logistics sectors

* Board approves acceptance of resignation of Naguib Sawiris as Managing Director, as of January 1, 2017

* Board approves appointment of Khalid Khairy Mahmoud El-Laithy as Chief Financial Officer, as of January 1, 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 223 8780; )

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